AUD/JPY finds support near 73.60 as China's Hubei reports drop in new coronavirus cases

AUD/JPY regains some poise on reports stating a big drop in new coronavirus cases.
The broader market is still risk-averse with the S&P 500 futures reporting marginal losses.

Omkar Godbole FXStreet Contributor

The bid tone around the anti-risk Japanese weakened, allowing AUD/JPY to bounce up from near 73.60 after China's Hubei government reported a big drop in the new coronavirus cases using the new method introduced earlier this week.

The number of new cases was 4,823 on Thursday, down significantly from Wednesday's 14,840, Hubei province reported a few minutes ago. Note that the number includes clinically diagnosed patients – those with symptoms, but yet to be tested positive.

The selling pressure around the AUD/JPY pair eased after Hubei's report, helping the cross recover from the three-day low of 73.62 to 73.72, the level where it is currently trading.

The pair, however, is having a hard time building on the recovery from session lows as the broader market is still looking risk-averse. At press time, the futures on the S&P 500 are flashing red, while oil prices are flatlined.

The Asian data docket is light, hence the pair is likely to continue tracking the broader market sentiment.

Technical levels

AUD/JPY

Overview
Today last price	73.73
Today Daily Change	-0.04
Today Daily Change %	-0.05
Today daily open	73.77

Trends
Daily SMA20	74.04
Daily SMA50	74.87
Daily SMA100	74.39
Daily SMA200	74.32

Levels
Previous Daily High	74.19
Previous Daily Low	73.65
Previous Weekly High	74.39
Previous Weekly Low	72.5
Previous Monthly High	76.34
Previous Monthly Low	72.46
Daily Fibonacci 38.2%	73.86
Daily Fibonacci 61.8%	73.99
Daily Pivot Point S1	73.55
Daily Pivot Point S2	73.33
Daily Pivot Point S3	73
Daily Pivot Point R1	74.09
Daily Pivot Point R2	74.41
Daily Pivot Point R3	74.64

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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